@stech wrote:
My name is in the deed of the house and the owner is my brother. We sold the house for Gain of $550K.
Does this mean, we both take $250K exemption? or is it only $250K per house as we are not in married relationship status?
You can each exclude up to $250,000 in gain; the Section 121 exclusion applies to each individual (not to the house, itself) in your case.
